Many undergraduates are looking for majors that will provide them with the greatest options for future professions. After all, it’s crucial to be financially successful in the field you choose, particularly because higher education isn’t cheap. However, some professions pay more than others. In light of this, you’ve come to the perfect place if you’ve been seeking majors with the potential to make you a millionaire or a billionaire. Let us know ‘What Major Makes the Most Millionaires?’
What Major Makes the Most Millionaires?
Wealth Insight in a study found that the majority of millionaires in the world have a similar major. The study found that the ten most common majors among millionaires worldwide, including in graduate and undergraduate courses. The study examined the academic backgrounds of the world’s millionaires and discovered patterns in their most-studied subjects.
Top 10 Majors that make the Most Millionaires:
Engineering:
Engineering is a large discipline with several sub-fields that, if their graduates know how to best utilize their resources, can make them extremely successful and affluent. Why did we put engineering as the first major on the list? Since the majority of the world’s wealthiest people have a degree in engineering or higher. In addition, 22% of the first 100 millionaires in history were engineers.
Do you need any examples? Jeff Bezos, an electrical engineer by training, and Larry Page, a co-founder of Google, both studied computer engineering. According to a study survey published on Recode, 56% of engineers think they will become millionaires at some point in their lives. Similarly, according to 69% of the engineers polled, engineering is “recession-proof,” making it a career for the future.
Biochemistry:
Since the pharmaceutical sector is so dominant nowadays, we are not amazed to see biochemistry on this list. Because they are curious about how some medications and treatments are created, many people enroll in biochemistry courses. They are also motivated by curiosity and a desire to find cures for the most infamous ailments in the world. Additional fields where biochemistry is useful to include dentistry, orthodontics, agriculture, diets, veterinary medicine, and more.
Christine Poon, who served as the previous head of Johnson & Johnson, a company that develops pharmaceutical products, is one of the billionaire biochemists that we are aware of. Remember that getting a biochemistry degree is by no means simple. To be selected for employment in renowned labs, one must have years of education, extensive research, and many graduate degrees. Typically, an undergraduate degree is only the first step toward a secure future; it is not sufficient in and of itself.
However, even though there is a lot of money invested in this degree, becoming a millionaire takes a lot of commitment and effort.
Law:
It’s challenging to practice law, as it is a discipline. It can be difficult to work in law and to find a job in general because it is one of the few professions where your career fully rests on your academic performance. Some people find fulfillment in studying law, especially if they have good memory and communication abilities.
But some people find law school to be a nightmare. It’s a challenging journey that takes a while and involves a lot of theories that must be recalled both during the day and at night. What’s more, the adventure doesn’t finish when you get your degree or obtain your specialism. That’s only the start.
Making a million dollars after law school is far from simple, according to many prosperous law school alums who succeeded in landing their dream professions and building successful careers. Before law school alums break through to becoming millionaires, it can take them up to 15 years.
Oil tycoon Richard Kinder, Walmart heir Samuel Robson Walton, and several others are just a few examples of law school alums who have succeeded in the world of millions and billions.
Finance:
No matter which majors we listed here, it wouldn’t be useful if we left out economic, business, and financial majors since they deal with and learn how to manage a student’s ability to exponentially increase their income. Because of this, the majority of millionaires probably possess one of the previously mentioned three degrees.
For those who pursue degrees in finance or business, there are numerous employment prospects. Working in numerous organizations in finance-related roles could result in you becoming a millionaire unless you decide to become an entrepreneur and launch your own lucrative business, which is the best choice for an individual who studied business.
Executives, accountants, bank employees, and other people hold these kinds of jobs. However, the route you are traveling is anything but simple and slow. Finding a promising employment position that may catapult you to heights, as well as finishing courses and graduating, take time.
Financial analysts might make between $200,000 to several million dollars per year, according to a Wall Street study from 2018. As you can see, experience and establishing a portfolio are what cause a wage to soar to such heights.
Computer Science:
IT and computer science are still expanding, and this trend is expected to continue. That’s because various sectors like medicine, research, social media, business, and more are impacted by the computer science and software engineering industries.
The internet operates according to well-designed, reliable algorithms and computer hardware. After all, technology has an impact on numerous social media. Because demand is growing faster than the number of new computer scientists graduating, it’s also one of the professions that won’t go out of style anytime soon.
That being said, as soon as a student graduates from college, there will always be opportunities accessible for those interested in becoming computer scientists. In addition, new disciplines will open up as future IT employees are trained for them in colleges and boot camps.
Computer scientists can make millions in a variety of ways. The fact that you can find employment in computer science without a university degree is even more significant. Maybe not in academics, but it’s more than likely in the workplace where employers are more focused on your portfolio and your abilities than what your degree entails.
The average yearly salary at tech behemoths like Facebook, Apple, Google, and Microsoft can easily exceed $100,000. That’s not even close to being a billionaire, but it’s also true that it never happens overnight to become wealthy.
Many accomplished computer scientists who have solid job experience and a strong portfolio for their resumes start creating startups. Not only that, but they may make thousands of dollars each day constructing their apps from scratch with little to no assistance. If successful enough, a developer may quickly amass a million dollars.
But to do that, one must make numerous sacrifices, give up, and put in a lot of effort.
Marketing:
Today’s selling technique is marketing. When people believe one kind of marketing and promotion is finished, a new, superior method emerges. The art of making good sales might be said to be the modern form of marketing.
Many other forms of marketing, like TV and advertising, have peaked in recent years, as has internet marketing. Numerous marketing firms are employed by internet companies to produce content that will pique consumers’ interest, and they can make millions of dollars doing so.
Copywriters, or writers who are excellent at marketing and sales, can present a concept, slogan, or brochure and make a million dollars in a few years. If you work for another company or agency, a marketing degree probably won’t make you rich. But putting your concepts into action and selling them might pay you.
Copywriters, or writers who are excellent at marketing and sales, can present a concept, slogan, or brochure and make a million dollars in a few years. If you work for another company or agency, a marketing degree probably won’t make you rich. But putting your concepts into action and selling them might pay you.
MBA (Master of Business Administration):
One of the best decisions you can make whether you’re enrolled in economics, business, finance, or another social degree program is to pursue a master’s in business administration. The length of a master’s program varies depending on the previous degree program you completed and the university you are attending.
The wage of working individuals with an MBA increased by 50% compared to those without, according to research. Employers favor those with MBAs over those without them because they have better knowledge, skill, or experience. Furthermore, compared to other Master’s degrees, the MBA is respected and appreciated more.
Politics:
Politicians rarely make millions; instead, the high funds are typically the result of private investments in the financial sector. There is money to be made for those who choose to pursue a career in politics, even if a degree in political science doesn’t always mean making enemies and swaying people to go up the political ladder. Barack Obama earned a B.A. in political science from Columbia University in 1983, therefore it shouldn’t be shocking that he is now a millionaire.
Hillary Clinton holds a similar degree, having graduated from Wellesley College with a B.A. in political science in 1969. But the fact that as of 2013, more than half of the members of the U.S. Congress are millionaires might cause a few people to scratch their heads. “Congress not only seems more attentive to policy objectives of the extremely rich, but progressively they are the very rich,” noted Josh Bivens of the Washington, D.C., research organization the Economic Policy Institute.
Accounting:
Having a foundation in accounting helps individuals who are successful in the profession to make wise financial investments as well as wise company decisions. This is similar to how finance works. Chuck Liddell, a former mixed martial artist and Ultimate Fighting Champion who was inducted into the Hall of Fame, and Kenny G, the master of adult contemporary jazz saxophone, what do they have in common?
Accounting degrees, as well as many million bucks in the bank, you guessed it. Liddell received a B.A. with a concentration in accounting and business from California Polytechnic State University in 1995. In contrast, Kenny G earned his B.A. in business and accounting from the University of Washington in 1978 and graduated with honors.
However, as Spear’s magazine and Wealth Insight have noted, “Vocational subjects like law and accounting also generate billionaires, though not necessarily in their selected fields.” Both former accounting students have strayed from their original academic pursuits.
Commerce:
Entrepreneurs who comprehend the economy and the underlying systems can make wise business judgments. Since commerce is a major foundation of the world economy, it shouldn’t come as a huge surprise that majoring in the topic produces a lot of billionaires. Jim Balsillie, the co-founder of BlackBerry, who received a bachelor’s degree in commerce from the University of Toronto’s Trinity College in 1984 and has an estimated net worth of $800 million, is one notable commerce graduate.
Another prominent name is finance, real estate, and investment tycoon Ernest Rady, who graduated from the University of Manitoba with a degree in business and came in at number 365 on Forbes’ 2006 list of the world’s wealthiest people. Cash, however, is not the last frontier. William Shatner, an actor, and muti-millionaire, bravely applied for his bachelor’s in commerce from McGill University in the Star Trek franchise, where no other commerce graduate had gone before.
Conclusion:
Whether you like it or not, a college education is valuable. It’s true that some career paths don’t call for it and that you can nonetheless perform admirably without it. But college majors educate us more than simply how to research the area of expertise we want to work in. They teach us valuable lessons regarding life and work while also encouraging healthy work habits.
What’s more significant is that only 1% of billionaires worldwide did not complete their education, which proves the value of a college education in achieving financial success. A prospective major is significant when selecting a job field that you want to operate in and support yourself, even if not everything is about money.
Frequently Asked Questions:
- Which universities provide programs in these majors?
These majors are quite common across the globe, the majority of universities provide programs in these majors if not all.
- Other than these majors, are there any other majors that are good enough to secure a future?
Yes, other majors like Science, Humanities, History, Art, etc. provide amazing opportunities for securing a better future.
